In divorce proceedings, asset division is often one of the most challenging topics couples will face. Getting equitable distribution in high-asset divorces in The Colony can be complicated and take longer than in standard divorce proceedings.
If you are filing for divorce, a local high-asset divorce attorney could help you go through the process of appraising and dividing community property. In addition, if you signed a prenuptial agreement, our team may also review the document and explain what each person is entitled to.
Because divorces like this involve greater sums of money, spouses may fight to keep their belongings—even if the law considers it community property. Additionally, one or both partners might dispute the terms of their prenuptial agreement or try to use instances that occurred during the marriage to invalidate the contract.
Dissolving a high-asset marriage could leave one spouse in a significantly worse financial situation than the other. In this case, the court might order the partner who earns more to pay spousal support. Some other reasons for a spousal support order could be marital misconduct, the couple’s standard of living while married, or how long they were married.
After a marriage dissolution with children involved, one or both partners might have to pay child support. The court determines how much child support the chosen spouse pays based on the family’s standard of living, each parent’s income, and the child’s basic needs. To properly protect assets and ensure equitable distribution during a high-asset divorce, enlist the help of an experienced attorney in The Colony.
When dividing possessions in a high-net-worth separation in The Colony, the same rules apply as in a conventional divorce. Texas Family Code § 7.001 requires “just and right” distribution of community property to each spouse. In some cases, the court might award a larger amount of the possessions to one spouse if there is justification for doing so.
Community belongings are anything acquired by either spouse that both of them used—or benefitted from—during the marriage. Separate property is anything one spouse owned before marriage or acquired and used exclusively during the marriage. Separate possessions do not get split between the couple, but spouses should ensure they have proper documentation that shows that they own their respective items.
Sometimes, one partner may try to conceal some of their assets to prevent them from getting divided. An eagle-eyed attorney might investigate on behalf of an individual and work to uncover any hidden items from the other party.
After filing for a high-asset marriage dissolution in The Colony, spouses can make the process go smoother by taking a few steps to prepare. Taking the following measures can assist a divorce attorney and other parties involved in determining how possessions get distributed:
Debts—like belongings—are also divided between spouses during divorce. If a spouse incurred a deficit outside of the marriage, it might not qualify as marital debt, leaving only one spouse to remain responsible for it.
If you are going through a high-asset divorce and want to know what you are entitled to, working with a lawyer may help clarify the situation. An attorney at our firm could meet with you to discuss equitable distribution in high-asset divorces in The Colony and help you understand your rights.
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Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.